Dividend Policy

We recognize that maximizing profits for our shareholders is one of the most important managerial goals. That is why our basic dividend payout policy will be determined after taking into consideration a wide range of indices such as our business performance, financial situation, future business and investment plans, and our internal reserve balance. More specifically, we plan to further improve our profitability, and effectively use of net assets to maintain Dividends to Shareholders’ Equity Ratio (DOE) of 15%. DOE is an index obtain from multiplying Return of Equity (ROE), which is a measure of how well we used our shareholders’ capital to generate profits, and the Dividend Payout, which is how the profits are distributed to our shareholders. We will invest our internal reserves effectively to maintain a stable business foundation while achieving continued growth and development.

In principle, we plan to distribute surplus funds as dividends either once a year – at the end of the fiscal year – or twice a year. Decisions regarding interim dividends will be made in a Board meeting, while decisions regarding year-end dividends will be made at the general meeting of shareholders.


The amount of the dividend are detailed below for FY2014. In FY2015, we will be basing our calculations on a dividend payout ratio of 40%, thus the dividend per share will be approximately 47 yen per share.

FY2014 Dividend per share(Plan)
Q2 14.0
Q4 20.0
FY2014 34.0